Living debt-free: benefits and sacrifices [Video]

Have you ever felt like you’re stuck in a rat race? Like no matter how much you do or how hard you work, you’ll never be completely free from financial obligations. Just as quickly as money comes into your account, it goes out to bills, living expenses, and debt payments.

Adopting a debt-free lifestyle could be your way out. While a debt-free lifestyle often requires sacrifices, the payoff is that you’ll be able to stop living paycheque to paycheque.

Below, I’ll outline some of the enormous benefits of changing your mindset towards money and adopting a new debt-free lifestyle.

Most Canadians are in debt

A couple hundred years ago, the idea of a debt-free lifestyle wasn’t radical. It was the norm.

Sure, people may have borrowed a bit of money from a bank or a family member to take care of necessities, but these were usually short-term loans that were quickly paid off.

Lending money was a lot …